When you apply for payday loans through Flex Repay, you would receive multiple quotes. This is a pleasant scenario as you can only find the best payday loans when you have a plethora of options. However, there is an inherent problem that you should brace for. When you are considering proposals from various lenders, the quotes will be influenced by their policies. Although the loan amount you apply for will be factored into the proposition, the other terms will be determined solely by the lenders.
Comparing payday loans or unsecured short term loans is not as simple as pitting one rate of interest against another. You will have to compare propositions where the loan amounts are the same and the repayment terms are identical. You cannot compare two proposals where the loan amounts are not the same or the repayment terms vary. Rate of interest is not the only criterion for comparison. You need holistic comparisons.
Some lenders will offer you the exact loan amount you seek. Some will offer you less. Very few lenders will offer you more. Some lenders will offer you three months to repay. Others may offer a more relaxed repayment term. The rates of interest will definitely vary. You need to put everything in the right context. Do not opt for a loan amount that would not satiate your need. Do not go for a repayment term that is too stringent and hence would lead to steep installments. Do not accept higher rates of interest. However, if you have a quote where you get a substantial loan amount at a lower rate of interest, you should take it up even if the sum of money is not enough to meet the pressing need. You have to take advantage of the low interest rate. You can go for another small loan at a higher rate of interest to meet the rest of your impending expense or debt.